Certificate Accounts
Rate Information
- Current interest rates and annual percentage yields are posted in Massena Savings & Loan lobby and are also available by calling (315) 764-0541, as well as online by navigating to "Rates" dropdown on the header of this page.
- Fixed Rate Certificate Account - The interest rate and the annual percentage yield noted above will not change for the term of the account.
Compounding and Crediting
- Interest for the account will be compounded and credited on a Calendar Quarterly Basis and available the last business day of the quarter.
- Accrued interest will be paid to date if the account is closed before a quarter end.
Minimum Balance Requirements
- The following balances are required to open a certificate account and to obtain the disclosed annual percentage yield:
| Certificate Term | Balance |
| 6 month | $2,500 |
| 12 to 60 month (12 month increments) | $1,000 |
Balance Computation Method
- We use the Daily Balance Method (Day of Deposit to Day of Withdrawal) to calculate interest on your account. This method applies a daily periodic rate to the principle in the account each day.
When Interest Begins to Accrue
- Interest begins to accrue on the business day you make a deposit with cash or non-cash items (for example, checks).
Fees
- A deposited check that has been returned unpaid may be assessed a fee of $25.00 against your account.
- Overdrafts created by checks, pre-authorized debits or other electronic means may result in a $25.00 overdraft fee.
- Please refer to the Deposit Account Agreement received at account opening for and other fees.
Early Withdrawal Penalties
- A penalty may be imposed on any withdrawal of principal from any certificate accounts prior to maturity date in an amount equal to one month (if the maturity of the account is less than one year) or three months (if the maturity of the account is one year or greater) earnings, whether earned or not, on the amount withdrawn at the interest rate being paid on the account, regardless of the length of time the fund withdrawn have remained in the account.
Withdrawal of Interest Prior to Maturity
- The annual percentage yield assumes interest will remain on deposit one year. A withdrawal will reduce earnings.
Renewal Policies
- Certificate accounts will renew automatically at maturity for the current term of the certificate, unless you advise otherwise.